Car Debt Piles Up as Interest Rates Soars, Says Report

Car debt is piling up for consumers, according to a Bloomberg News report. The outlet found that the amount of negative equity, or the amount that debt surpasses a vehicle's value, is building up. This has led many car owners to show up at lots underwater, which is also known as "upside down," as they try to trade in their debt-burdened cars. The situation has emerged against a backdrop of rising interest rates, with the average new-car interest rate hitting 6.9 percent in January, up from 4.3 percent a year earlier, according to Edmunds. 

More In Business

Tesla stock plunges as Musk’s feud with Trump spooks investors

Tesla plunged closed down more than 14% as a disagreement over the U.S. president's budget bill turned nasty.

Ground beef sold at Whole Foods may be tainted with E. coli, USDA says

U.S. agriculture officials are warning that packages of ground beef sold at Whole Foods markets may be contaminated with E. coli bacteria.

Amazon planning $10B investment in NC AI campus

Amazon is expanding its cloud computing infrastructure and artificial intelligence activities into a rural North Carolina county.

Why Century21 Real Estate CEO Says Home Prices Are Finally Set to Drop

Mike Miedler, CEO of Century21 Real Estate, on why home prices are expected to drop. And what else you need to know about the real estate market right now!

SukuPay CEO on Becoming the First Crypto Infrastructure Embedded in a Major Latin American Bank App

SukuPay CEO, Yonathan Lapchik, discusses the app's historic milestone, becoming the first crypto infrastructure in a leading bank app in Latin America.

McDonald’s is bringing back snack wraps on July 10

McDonald’s says it's bringing back a fan favorite menu item it discontinued nearly a decade ago.

Dave’s Hot Chicken sold to Subway owner in a $1 billion deal

Dave’s Hot Chicken said Monday it has been acquired by private equity firm Roark Capital in a deal valued at $1 billion.

Tribeca Festival 2025: Where Innovation Meets Storytelling in the Heart of NYC

Tribeca Enterprises President, Chris Brady, reveals what film fans can get expect at this year's festival. Watch!

At-home health tests proliferate across a variety of conditions

Self-administered at-home tests are available for everything from thyroid function to HIV to cervical cancer.

Campbell’s Co. says sales rise as more Americans cook meals at home

The Campbell’s Co. said Monday it saw stronger sales of broth and condensed soup in its latest quarter as more Americans cooked their meals at home.

Load More